More hope for first-time buyers with Taylor Wimpey FirstBuy scheme

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TAYLOR Wimpey is helping first-time buyers across the West Midlands onto the property ladder by offering the Government’s just-launched FirstBuy scheme on a range of brand new homes at its local developments.

FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, supports first time buyers who could not otherwise afford to purchase a place of their own because of the large deposits now required by mortgage lenders.

FirstBuy works through a joint loan of 20 per cent from the Homes and Communities Agency (HCA) and Taylor Wimpey, which means that eligible purchasers only need put down a 5 per cent deposit and obtain a 75 per cent loan-to-value mortgage. The loan is repayable at the end of the 25 year mortgage term or when the property is sold.

To be eligible, purchasers must be first time buyers and their total household earning should be less than £60,000. Taylor Wimpey is offering FirstBuy on selected homes at the following developments across the region, including Caldecott Manor in Rugby and The Boulevard in Coventry.

Jan Titley, regional sales and marketing director for Taylor Wimpey, said: “FirstBuy enables us to work closely with the Government to help more people in the region buy their first home.

“An increase in the number of first time buyers entering the market is also good news for those further up the chain. We believe that this scheme will make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit. With only 80 per cent of the property’s value to finance, buyers will have access to a wider choice of mortgage products and more competitive interest rates.”

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